Peter Zaffino, American International Group’s CEO since March, will add “Chairman of the Board of Directors” to his title as of Jan. 1, 2022 after Brian Duperreault retires.

Zaffino succeeded Duperreault as CEO in March, at which point Duperreault became executive chairman of the board. Duperreault will retire from the Board of Directors at the end of 2021 when Zaffino replaces him.

Plans for Zaffino to succeed Duperreault were first announced last October, after Zaffino had become president as well as a director.

Duperreault offered rave reviews of Zaffino, who was Marsh CEO in 2017 when Duppereault brought him to the company, initially as executive vice president and global chief operating officer. Duperreault himself was recruited to AIG to lead what became a successful turnaround of the once-struggling insurance giant, and Zaffino has been widely seen as a crucial ingredient in AIG’s improved fortunes.

Zaffino “has played an indispensable role in AIG’s turnaround nd his unwavering focus, strength of character, integrity and strategic vision will drive AIG’s continued success,” Duperreault said in prepared remarks.

Doug Steenland, AIG’s Lead Independent Director, noted in prepared remarks that the board “has great confidence” in Zaffino’s “ability to continue executing on AIG’s transformation and growth strategy…”

AIG produced $91 million in net income during its 2021 second quarter, benefiting from higher net investment income, far fewer catastrophe losses and strong rate hikes in its property/casualty business.

Source: AIG